Binance.US To Delist AMP following SEC’s Claim Token as Security

Binance.US, the U.S. arm of the world’s largest cryptocurrency exchange Binance, announced on Monday that it will delist the AMP token after the US Securities and Exchange Commission (SEC) described the token as a security.

Last week on July 21, the SEC identified nine crypto assets as securities, and the AMP token was one of them.

In a statement made on Monday, Binance.US said that the exchange always supports transparency while adhering to compliance with the directives of federal authorities.

The exchange stated that projects trading under its platform should continue to meet the listing standards based on the legally approved scope of the Digital Asset Risk Assessment Framework.

Binance.US said it will delist the AMP token “out of an abundance of caution” of potential enforcement by federal regulators.

The exchange disclosed it will close down deposits of Amp (AMP) and remove the AMP/USD trading pair from its platform on Aug 15. The exchange said the move follows the token’s mention in legal action from the SEC.

According to its blog post, Binance.US stated: “We believe that, in some circumstances, delisting an asset best protects our community from undue risk. We operate in a rapidly evolving industry, and our listing and delisting processes are designed to be responsive to market and regulatory developments.”

Binance.US said AMP is the only token of the nine mentioned in the SEC’s legal case trading on its platform. The exchange added that it may resume trading of AMP in the future on its platform, according to the regulator’s decision.

Implications of SEC Calling Coins Securities

On 21st July, The SEC brought insider trading charges against a former Coinbase (COIN) product manager and other two individuals. The regulator also mentioned nine cryptocurrencies as securities, with potential plans to charge the issuers and the exchange listing the so-called securities.

The designation of the nine cryptocurrencies as securities could have wide implications in the crypto markets. The designation means that the coins will be regulated as if they were a stock or a bond. The issuers of such tokens will also have to comply with the country’s securities laws to be able to offer the assets to investors within the US.

Such designations would make running a crypto exchange more expensive and complex. Furthermore, exchanges would face continuous scrutiny by regulators, which could lead to penalties, fines, penalties and, in the worst case, prosecutions if criminal authorities got involved. This could also mean losing future funding from investors who may abandon trading because of fear of increased compliance burdens and regulatory scrutiny.

And more implications are yet to come as SEC’s rulings are underlay.

In its simplest form, whether an asset is or is not a security under US rules is basically a question of how much such a token looks like shares issued by a firm raising money.

To determine that, the SEC applies a legal test from a 1946 US Supreme Court decision. Under that framework, the SEC can consider an asset as security if investors raise or pump in funds with plans to profit from the efforts of the company’s leadership.

In December 2020, the SEC filed a lawsuit against Ripple Labs Inc., for allegedly raising funds by selling the XRP digital token without registering it as a security.

The regulator claimed that the firm was funding its growth by issuing XRP to investors, betting its value would rise. The case is now a massive legal battle between the SEC and Ripple.

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Gaming Altcoin on Ethereum and Polygon Jumps After Surprise Binance Listing

A surprise Binance listing spree has triggered a pair of rallies in the altcoin market.

In a new announcement, Binance says it’s listing PlayDapp (PLA), a blockchain gaming platform that utilizes both the Ethereum and Polygon networks to host a growing roster of interoperable games.


According to the project website, PlayDapp seeks to make digital assets accessible to the general public.

“PlayDapp wants to [turn] non-crypto game users into blockchain game users through the PlayDapp service platform. To do so, PlayDapp provides [Polygon] solutions to play games without cryptocurrency.”

Following news of the coin’s listing on Binance, PLA witnessed a swift 42% rise – trading from $2.20 to $3.13.

PLA’s value has retraced down to $2.63 at time of writing.

Binance is also making Amp available to its users. Its native token AMP collateralizes the cryptocurrency payment network Flexa, which enables merchants to accept digital assets as payment. Holders of AMP can stake as well as vote on governance issues.

The Amp website says the project is non-inflationary and asset-agnostic.

“Amp was designed to be as flexible and future-proof as possible. Amp’s open-source license makes it possible to create and deploy custom collateral managers for your app to interface with Amp on your own terms.”

AMP surged 40% from $0.05 to $0.07 after the initial Binance announcement and currently sits at $0.06.

Binance says each altcoin will be available to trade paired with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and USDT.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Regal to partner with Flexa to enable digital currency payments in theatres

On Tuesday morning, Regal, a movie operator of more than 500 locations and 7,000 screens in 42 states plus D.C., announced it would be partnering with digital payment network Flexa to enable its customers to pay with crypto for movie tickets, food, and beverage. Regal will accept a wide variety of coins and tokens, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Doge (DOGE), USD Coin (USDC), DAI (DAI), Gemini Dollar (GUSD), Chainlink (LINK), Cosmos (ATOM), Basic Attention Token (BAT), and more.

Flexa is known for its ability to guarantee payments for real-world applications. In times of peak activity on blockchains such as BTC or ETH, it can take hours or days for transactions to be verified. By leveraging the market value of its underlying ERC-20 token Amp as collateral, Flexa says it can ensure that the transactions it handles will always go through. Meanwhile, Amp token holders earn a reward for putting their capital at risk.

Ken Thewes, Chief Marketing Officer at Regal, said the following in regards to the development:

This exciting partnership enables us to easily and seamlessly accept digital currencies […] across our theatre footprint in a simple and completely contactless way, providing our guests with the flexibility and safety they deserve as we embark on a new era.

Trevor Filter, co-founder of Flexa, added:

We’re very pleased to partner with Regal as we work to enable universal digital currency payment options for movies and more, and help bring the future of payments to cinema.

Regal isn’t the only theatre chain in the country that’s adopting cryptocurrency. Earlier this month, AMC began accepting BTC for online movie ticket purchases. AMC’s CEO also received overwhelmingly positive feedback asking if costumers wanted the company to accept Shiba Inu as payment in a Twitter poll.